It goes up even on greys unlike other offensive skills. If your skill is really low, practice on some low levels where you are more likely to succeed. Once you get up to an appropriate skill level, it'll go up on experience mobs. However, it's not generally good to use in a group that's not expecting a mob to be feared.
Even maxed success rate is somewhat low, and I'm not sure how effective it will be for you as a monk. As a soloing rogue, it's a must skill to keep up. Snare proc / poison + intimidate = free backstab opportunities you otherwise wouldn't have.
If you do want to practice it while in a group, doing so on mobs that run, when they do run will do nothing un-expected to them, but you can get skill ups then.
Concerning spending points on it, that would be for you to decide, but my usual is to put 20-30 in it to start with since skill up rate at those low skills seems to take forever. Then just practice it as much as I can without annoying others, or putting myself in more danger when soloing if it succeeds.
From what I've heard high Cha will help your success rate, but I have never tested it out, as I'm not interested in spending the time to test out something, I only use when soloing on my rogue and only in zones where fearing isn't a problem.
After thinking about it, I could see how it could be useful as an emergency measure for a monk, like fearing a summoning mob to give you some time to zone.
Hope this helps.
Yther Ore.